Pandora Completes Acquisition of AdsWizz

Advances leadership in global digital audio advertising ecosystem

May 29, 2018 09:00 AM Eastern Daylight Time

OAKLAND, Calif.--(BUSINESS WIRE)--Pandora (NYSE: P), the largest music streaming service in the U.S.,
today announced it has completed its acquisition of AdsWizz, the global
leader in digital audio advertising technology.

“Audio is the fastest growing format in digital advertising and the
marketplace is rapidly evolving,” said Pandora CEO Roger Lynch.
“Completing the acquisition cements our position in the future of audio,
making us more ready than ever to serve publishers and brands worldwide.”

“We built the AdsWizz platform using innovative technology in service of
a simple idea: provide value to all stakeholders in the digital audio
ecosystem - including brands, listeners and publishers - with relevant,
engaged and highly targeted advertising experiences,” said Alexis van de
Wyer, CEO of AdsWizz. “This will not change. We will continue to focus
on building the best technology in the industry for our publisher
partners everywhere, and on continuing to innovate and enhance our
platform, which will be accessible to all.”

AdsWizz will operate as a standalone subsidiary of Pandora, continuing
under Alexis van de Wyer’s leadership. At closing, Pandora paid $66.3
million in cash and 9.9 million shares of Pandora common stock. An
additional $5 million in cash is payable upon achievement of certain
milestone provisions in connection with the acquisition.

Concluded Roger Lynch, “As a publisher, Pandora has long understood the
value that a sophisticated advertising platform can bring to everyone in
digital audio. We are the leader in this space, and we remain committed
to serving all constituents in the ecosystem.”

ABOUT PANDORA

Pandora is the world’s most powerful music discovery platform – a place
where artists find their fans and listeners find music they love. We are
driven by a single purpose: unleashing the infinite power of music by
connecting artists and fans, whether through earbuds, car speakers, live
on stage or anywhere fans want to experience it. Our team of highly
trained musicologists analyze hundreds of attributes for each recording
which powers our proprietary Music Genome Project®, delivering billions
of hours of personalized music tailored to the tastes of each music
listener, full of discovery, making artist/fan connections at
unprecedented scale. Founded by musicians, Pandora empowers artists with
valuable data and tools to help grow their careers and connect with
their fans.

AdsWizz has created the end-to-end technology platform that is powering
the digital audio advertising ecosystem. AdsWizz powers well-known music
platforms, podcasts and broadcasting groups worldwide with a
comprehensive digital audio software suite of solutions that connect
audio publishers to the advertising community. From dynamic ad insertion
to advanced programmatic platforms to innovative new audio formats,
AdsWizz efficiently connects buyers and sellers in digital audio.
AdsWizz is headquartered in San Mateo, California, with a presence in 39
countries around the world.

“SAFE HARBOR” STATEMENT

This press release contains forward-looking statements within the
Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the benefits to Pandora from the
acquisition of AdsWizz. These forward-looking statements are based on
Pandora's current assumptions, expectations and beliefs and involve
substantial risks and uncertainties that may cause results, performance
or achievement to materially differ from those expressed or implied by
these forward-looking statements. Factors that could cause or contribute
to such differences include, the failure or delay in the satisfying of
closing conditions to the acquisition, difficulties in integrating the
AdsWizz business, and other uncertainties associated with the
acquisition of a new business, competitive factors; our ability to
manage our growth; and general economic conditions worldwide. Further
information on these factors and other risks that may affect the
business are included in filings with the Securities and Exchange
Commission (SEC) from time to time, including our most recently filed
Annual Report on Form 10-K, particularly under the heading “Risk
Factors.”

These documents are available online from the SEC or on the SEC Filings
section of the Investor Relations section of our website at
investor.pandora.com. Information on our website is not part of this
release. All forward-looking statements in this press release are based
on information currently available to Pandora, which assumes no
obligation to update these forward-looking statements in light of new
information or future events.